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Theeb Rent a Car Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

THEEB 4261 -1.18% 58.80 -0.70
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 182,227 165,983 9.786 180,244 1.1
Gross Profit (Loss) 62,765 38,563 62.759 54,352 15.478
Operational Profit (Loss) 34,681 22,981 50.911 33,417 3.782
Net Profit (Loss) after Zakat and Tax 27,352 13,985 95.58 24,959 9.587
Total Comprehensive Income 27,352 13,985 95.58 24,959 9.587
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 539,372 485,092 11.189
Gross Profit (Loss) 170,539 111,504 52.944
Operational Profit (Loss) 101,339 67,580 49.954
Net Profit (Loss) after Zakat and Tax 78,284 41,872 86.96
Total Comprehensive Income 78,284 41,872 86.96
Total Share Holders Equity (after Deducting Minority Equity) 537,870 472,486 13.838
Profit (Loss) per Share 1.82 0.97
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit for Q3-2021 was SAR 27.4 million, compared to SAR 14.0 million for the same quarter of 2020. The net profit increase was mainly attributed to the significant increased short term rental revenues. This resulted in increased short term rental utilization and increased gross margins for the short-term rental segment. The lease segment and used car sales segment continued to show steady improvement in net income during Q3-2021.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net profit for Q3-2021 was SAR 27.4 million, compared to SAR 25.0 million in Q2-2021. The increase resulted from higher short-term rental segment gross profit as the fleet utilization increased compared to Q2-2021.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit in the first nine months of 2021 increased to SAR 78.3 million compared to SAR 41.9 million in the first nine months of 2020. This was due to continuous improvement in demand for the short term car rental services in 2021 whereby 2020 was adversely impacted by precautionary measures taken by the authorities to curb the impact of COVID-19. This resulted in higher rented cars with better utilization for the short term rental segment. The lease segment showed continued stable growth Year-on-Year resulting from increased contract renewals and newer clients.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Note 3 to the interim condensed financial statements. As stated therein, during the period ended 30 September 2021, management has received a correspondence from the Zakat, Tax and Customs Authority (“ZATCA”), regarding certain possible taxes on the Company relating to the ownership interests of one of the Company’s shareholders. As at the date of this report, no official assessment has been received from ZATCA.
Reclassification of Comparison Items Certain comparative information has been reclassified to align with current period presentation.

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